Sub-station

Guptas sell up ‘for country’s sake’

by:COSCO     2019-08-20
The Gupta family has sold their shares as they are ready to withdraw from all operations in South Africa by the end of this year.
Gary Naidoo, a family spokesman for the Gupta, said in a statement yesterday afternoon that \"this decision is in the best interests of our businesses, countries and colleagues \".
He said that \"a few potential international buyers\" have lined up to take the shares from the hands of gupas, known as President Jacob Zuma\'s benefactor, they \"will be able to make further announcements soon \".
\"Since we decided in April 2016 to resign from all of our senior and non-executive positions in all of our South African operations, the local management team has grown our business, naidoo said: \"turnover and profits show good growth, creating more jobs. \".
\"So we announced today that we intend to sell all our shares in South Africa by the end of this year.
In an interview with SABC last night, Oakbay CEO Nazeem Howa said the family\'s decision to \"resign is a sacrifice\" and that they \"really care about our 500 employees \".
\"We are very sad to lose people we think are very good,\" he said . \".
\"Today is a very sad day.
However, Howa denied the family was about to leave the country, saying the family is currently in South Africa.
\"They are South Africans;
They love this country . \"
It was a hot week for the Gupta family, who issued three statements yesterday, and the final statement revealed that they planned to sell their interest in South Africa\'s business.
In a statement issued at 10
On the morning of the 30 th, they denied that Guptas was an effort to get rid of the allegations at the heart of finance minister praavin Gordhan.
News 24 reported that Gordon said at a Treasury staff meeting on Friday that Guptas was attacking him because of the work the Treasury was doing.
The website reported that Gordhan also explained to his staff that hawks\'s understanding of the law when he filed an allegation against him was incorrect and that their investigation had no legal basis
He also said that what is currently going on in the country is a struggle between \"Mandela values\" and the values of the thieves.
Ministry of Finance spokesman Phumza Macanda did not comment on the meeting.
But Naidoo said in a statement on Saturday: \"We have read the media reports on News 24 that relate to Minister Gordhan\'s remarks to his Treasury staff about Gupta
\"We have pointed out many times that our family is the victim of the opposition to this political movement.
The narrative of us has been constructed, and this has been extended by many media titles, and the flawed view has become the truth in the eyes of some.
\"At the same time, we have never been charged.
We challenge our critics again-please bring it up if you have evidence against us.
Otherwise, please don\'t bother us.
We are not interested in politics. we are only interested in business.
\"Just hours before the shocking announcement, the family was selling its business interests in the country, naidoo said,\" as shareholders, still fully committed to making sure our business runs along a good business route, all deals are in transparent-arms-length basis.
\"We ask our executives to maintain high standards and do not hesitate to take action, procedures or frameworks against executives who violate our internal code of good practices or any regulatory or legislative policy.
We firmly believe in the rule of law, and we are pleased to answer any and all allegations made against us.
\"Finally, for the media, we kindly ask you not to unnecessarily put us in the middle of our current problems.
In the first statement issued after seven o\'clock A. M. that day, Oakbay Investment denied the \"conflict\" report between Gupta coal mine company Tegeta, president Jacob Zuma\'s son du Duzan and the Ministry of Finance hold large stakes.
\"Oakbay Investment and Tegeta have noted in recent days news reports surrounding the company\'s contract with Eskom and the coal supply at the Brakfontein mine,\" the statement said . \".
\"We firmly believe that we have not done anything wrong and have followed every policy and process correctly without any problems with the government or regulators that review our activities,\" the company said . \".
The business daily reported on Wednesday that Tegeta Exploration and resources company threatened to block the Treasury if the Ministry of Finance issued a report on the investigation of the Eskom coal contract.
The paper reported that Kenneth Brown, chief purchasing officer of the Ministry of Finance, investigated Eskom\'s coal contract at the beginning of the year and that the findings were never publicly released.
DA has applied for a copy of the report on the Promotion of Access to Information Act.
According to the newspaper, Brown\'s investigation came after the Treasury Department decided to review contracts worth more than 10 rupees to fight corruption.
However, Oakbay Investment said in the statement that \"at the time the Ministry of Finance requested the release of the report, Tegeta offered to participate and assist in providing relevant facts and accurate data \".
\"We believe that any publicly released report should be accurate.
We also believe that our input will improve the accuracy of the report before it is released . \"
Oakbay Investment said that none of the group\'s companies \"have any direct relationship with the Treasury\" and fully supported the work of the Treasury to create an environment conducive to South Africa\'s economic growth.
On April, after copatas announced a waiver of control over the business empire, according to City News, Ajay and Atul Gupta left Lanseria airport with a \"mountain of suitcases, this sparked speculation that the family would leave South Africa forever.
The visit came after deputy finance minister Mcebisi jonas announced that Guptas provided him with the position of finance minister during his tenure at Nhlanhla Nene.
The country\'s four largest banks have also abandoned the family, claiming at the time that they would resign from executive and non-executive positions at South African companies for the benefit of their employees.
City Press also reported that the family purchased a R445 million rand house in the exclusive suburbs of Dubai\'s Emirates Hill, decorated with marble and gold, there are 10 bedrooms, 13 bathrooms, 9 reception rooms, and double stairs.
Painted domes and spaces for 11 cars.
Naidoo said yesterday that the decision of April led the company\'s \"local management team\" to develop a family business.
\"As a family, we now believe that it is time to withdraw from our stake in South African enterprises, and we believe that this will benefit our existing employees and lead to further growth in the business, \"he said.
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